McEagle warehouse could face foreclosure
An empty 400,000-square-foot warehouse built two years ago near Lambert-St. Louis International Airport is scheduled to go into foreclosure Thursday.
Loan documents filed with St. Louis County in December 2007 show that two units of ING bank loaned $16.85 million to Hazelwood Bulk Building LLC, controlled by McEagle Properties.
But negotiations are under way with the project’s lender to rework the $16.85 million loan and cancel the foreclosure, Chris McKee, president of McEagle, said Tuesday. "There’s a reasonably good chance it won’t go to foreclosure," he said.
The building, marketed as the Hazelwood Logistics Center, is within a 151-acre development site. Only the warehouse building is involved in the foreclosure action. Commercial broker CB Richard Ellis is handling the leasing for the entire site, which is bounded by Lindbergh Boulevard, Phantom Drive and Missouri Bottom Road.
The area is within the region’s Foreign Trade Zone, which the Commerce Department expanded this year by more than 825 acres. County officials said the expansion boosts plans to develop a Chinese air cargo hub around Lambert.